However business law professor Professor David Chaikin believes attempts to recover the proceeds of crime in Gay's case may not be straightforward.

Professor Chaikin, from the University of Sydney Business School, says it is easier to recover proceeds of crime when the money involved has been frozen by the courts.

"So if you haven't done that then you're really on the back foot and if you're talking about years ago and they haven't actually frozen that money then one would suspect that they've got major difficulties in doing that," Professor Chaikin said.

Gay pleaded guilty on the basis that he ought to have realised his knowledge of Gunns's finances was price-sensitive.